While we'll have to wait another month to see about album sales, the Miley Cyrus ticket market is open for trading, and may provide a glimpse into economic value of her VMA performance.
While she is not touring, Cyrus is one of the headline acts at the iHeartRadio music festival on Sept. 21. The festival features the biggest names in music, across almost all genres, including Justin Timberlake, Katy Perry, Elton John, Paul McCartney, Keith Urban, Bruno Mars, and Tim McGraw. Past years have featured Jay-Z, Coldplay, and Green Day.
Hosted at the MGM Grand in Las Vegas, this is the third annual festival, put on by radio behemoth Clear Channel. In it's short lifespan, iHeart has turned into perhaps the biggest music mega-event in a world full of them. iHeart tickets on the secondary market start at $500 for each night. As a point of comparison, Lollapalooza—the grandfather of music mega events—had an average price of $333 for a three-day pass. Individual day passes were going for about $200.
The mere fact, then, that Cryus is in the company of such greats at the pre-eminent music festival of the year must mean that her strategy is, well, 't'working'? The sad truth for Cyrus is that she won't be anywhere near JT, Sir Paul, or Keith Urban. Miley is headlining a show from 10 a.m.–4 p.m. in "The Lot" on the Las Vegas Strip. The Lot is 15 acres of iHeart festivities that will take place on Saturday and is the kiddie table to the main stage.
The only way to get tickets for The Lot or the main stage for iHeart is through the secondary market. The two main shows sold out in an instant and at the $500 get-in price on the secondary market, you'll be paying 650 percent above face price. If you want to see what tricks Miley pulls out of her spandex, the secondary market is also a must. It's not a must because it is sold out, but because the secondary market for The Lot tickets are about 50 percent below face value. For one ticket to the main events, you could get 25 tickets to see Myley Cyrus and the six or seven other acts that will follow her.